INDEPENDENT BANK CORP/MA (INDB) Fundamental Analysis & Valuation

NASDAQ:INDB • US4538361084

Current stock price

74.35 USD
+0.64 (+0.87%)
At close:
74.35 USD
0 (0%)
After Hours:

This INDB fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

2

1. INDB Profitability Analysis

1.1 Basic Checks

  • INDB had positive earnings in the past year.
  • In the past year INDB had a positive cash flow from operations.
  • INDB had positive earnings in each of the past 5 years.
  • Of the past 5 years INDB 4 years had a positive operating cash flow.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

1.2 Ratios

  • INDB has a Return On Assets of 0.72%. This is in the lower half of the industry: INDB underperforms 67.98% of its industry peers.
  • INDB has a worse Return On Equity (5.07%) than 79.53% of its industry peers.
Industry RankSector Rank
ROA 0.72%
ROE 5.07%
ROIC N/A
ROA(3y)1.02%
ROA(5y)1%
ROE(3y)6.81%
ROE(5y)6.72%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • INDB has a Profit Margin of 23.04%. This is comparable to the rest of the industry: INDB outperforms 42.52% of its industry peers.
  • In the last couple of years the Profit Margin of INDB has remained more or less at the same level.
  • INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 23.04%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-12.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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2

2. INDB Health Analysis

2.1 Basic Checks

  • INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, INDB has more shares outstanding
  • The number of shares outstanding for INDB has been increased compared to 5 years ago.
  • Compared to 1 year ago, INDB has a worse debt to assets ratio.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • The Debt to FCF ratio of INDB is 1.80, which is an excellent value as it means it would take INDB, only 1.80 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of INDB (1.80) is comparable to the rest of the industry.
  • INDB has a Debt/Equity ratio of 0.10. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.10, INDB is in the better half of the industry, outperforming 66.93% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF 1.8
Altman-Z N/A
ROIC/WACCN/A
WACC11.92%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

8

3. INDB Growth Analysis

3.1 Past

  • INDB shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 22.20%, which is quite impressive.
  • INDB shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 8.02% yearly.
  • Looking at the last year, INDB shows a very strong growth in Revenue. The Revenue has grown by 24.32%.
  • INDB shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 12.35% yearly.
EPS 1Y (TTM)22.2%
EPS 3Y-1.46%
EPS 5Y8.02%
EPS Q2Q%40.5%
Revenue 1Y (TTM)24.32%
Revenue growth 3Y5.61%
Revenue growth 5Y12.35%
Sales Q2Q%43.58%

3.2 Future

  • INDB is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 23.38% yearly.
  • Based on estimates for the next years, INDB will show a quite strong growth in Revenue. The Revenue will grow by 13.35% on average per year.
EPS Next Y33.52%
EPS Next 2Y23.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year21.39%
Revenue Next 2Y13.35%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8

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4

4. INDB Valuation Analysis

4.1 Price/Earnings Ratio

  • INDB is valuated correctly with a Price/Earnings ratio of 13.37.
  • Based on the Price/Earnings ratio, INDB is valued a bit more expensive than the industry average as 64.83% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Earnings ratio of 25.73, INDB is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 10.02, which indicates a very decent valuation of INDB.
  • INDB's Price/Forward Earnings is on the same level as the industry average.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 23.72, INDB is valued rather cheaply.
Industry RankSector Rank
PE 13.37
Fwd PE 10.02
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, INDB is valued a bit more expensive than 72.18% of the companies in the same industry.
Industry RankSector Rank
P/FCF 18.21
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

  • INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • INDB's earnings are expected to grow with 23.38% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.4
PEG (5Y)1.67
EPS Next 2Y23.38%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. INDB Dividend Analysis

5.1 Amount

  • INDB has a Yearly Dividend Yield of 3.14%.
  • Compared to an average industry Dividend Yield of 2.90, INDB has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.91, INDB pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.14%

5.2 History

  • The dividend of INDB has a limited annual growth rate of 5.56%.
  • INDB has been paying a dividend for at least 10 years, so it has a reliable track record.
  • INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

  • INDB pays out 54.90% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP54.9%
EPS Next 2Y23.38%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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INDB Fundamentals: All Metrics, Ratios and Statistics

INDEPENDENT BANK CORP/MA

NASDAQ:INDB (3/19/2026, 8:07:59 PM)

After market: 74.35 0 (0%)

74.35

+0.64 (+0.87%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-22
Earnings (Next)04-15
Inst Owners86.39%
Inst Owner Change0.94%
Ins Owners0.81%
Ins Owner Change1.45%
Market Cap3.64B
Revenue(TTM)857.52M
Net Income(TTM)179.82M
Analysts78.18
Price Target91.8 (23.47%)
Short Float %3.48%
Short Ratio5.2
Dividend
Industry RankSector Rank
Dividend Yield 3.14%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP54.9%
Div Incr Years14
Div Non Decr Years30
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.14%
Min EPS beat(2)-1%
Max EPS beat(2)1.28%
EPS beat(4)2
Avg EPS beat(4)-1.93%
Min EPS beat(4)-10.02%
Max EPS beat(4)2.05%
EPS beat(8)3
Avg EPS beat(8)-1.57%
EPS beat(12)6
Avg EPS beat(12)-1.77%
EPS beat(16)9
Avg EPS beat(16)1.94%
Revenue beat(2)1
Avg Revenue beat(2)-0.78%
Min Revenue beat(2)-1.57%
Max Revenue beat(2)0%
Revenue beat(4)1
Avg Revenue beat(4)-0.78%
Min Revenue beat(4)-1.57%
Max Revenue beat(4)0%
Revenue beat(8)1
Avg Revenue beat(8)-1.43%
Revenue beat(12)2
Avg Revenue beat(12)-1.53%
Revenue beat(16)5
Avg Revenue beat(16)-0.96%
PT rev (1m)0%
PT rev (3m)8.11%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.36%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.61%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.57%
Valuation
Industry RankSector Rank
PE 13.37
Fwd PE 10.02
P/S 4.67
P/FCF 18.21
P/OCF 16.93
P/B 1.03
P/tB 1.57
EV/EBITDA N/A
EPS(TTM)5.56
EY7.48%
EPS(NY)7.42
Fwd EY9.98%
FCF(TTM)4.08
FCFY5.49%
OCF(TTM)4.39
OCFY5.91%
SpS15.93
BVpS72.4
TBVpS47.39
PEG (NY)0.4
PEG (5Y)1.67
Graham Number95.17
Profitability
Industry RankSector Rank
ROA 0.72%
ROE 5.07%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 23.04%
GM N/A
FCFM 25.63%
ROA(3y)1.02%
ROA(5y)1%
ROE(3y)6.81%
ROE(5y)6.72%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-12.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF 1.8
Debt/EBITDA N/A
Cap/Depr 36.29%
Cap/Sales 1.94%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 111.22%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score3
WACC11.92%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)22.2%
EPS 3Y-1.46%
EPS 5Y8.02%
EPS Q2Q%40.5%
EPS Next Y33.52%
EPS Next 2Y23.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)24.32%
Revenue growth 3Y5.61%
Revenue growth 5Y12.35%
Sales Q2Q%43.58%
Revenue Next Year21.39%
Revenue Next 2Y13.35%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-9.14%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-10.56%
OCF growth 3YN/A
OCF growth 5YN/A

INDEPENDENT BANK CORP/MA / INDB Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for INDEPENDENT BANK CORP/MA?

ChartMill assigns a fundamental rating of 4 / 10 to INDB.


What is the valuation status for INDB stock?

ChartMill assigns a valuation rating of 4 / 10 to INDEPENDENT BANK CORP/MA (INDB). This can be considered as Fairly Valued.


How profitable is INDEPENDENT BANK CORP/MA (INDB) stock?

INDEPENDENT BANK CORP/MA (INDB) has a profitability rating of 2 / 10.


How financially healthy is INDEPENDENT BANK CORP/MA?

The financial health rating of INDEPENDENT BANK CORP/MA (INDB) is 2 / 10.


What is the earnings growth outlook for INDEPENDENT BANK CORP/MA?

The Earnings per Share (EPS) of INDEPENDENT BANK CORP/MA (INDB) is expected to grow by 33.52% in the next year.